Stonepeak to acquire Allgas from APA Group and Marubeni Corporation.

Stonepeak, a private equity firm, agreed to acquire Allgas, a gas distribution network operator, from APA Group, an Australian infrastructure company that owns and operates natural gas and electricity transmission and distribution assets, and Marubeni Corporation, a trading company with business divisions in iron and steel. Financial terms are not disclosed. “This transaction underscores Stonepeak’s long-held conviction in natural gas as an essential component of the energy mix supporting global energy transition efforts, especially in Australia where it continues to play an important role for businesses and individuals. Queensland, and South East Queensland in particular, is experiencing significant economic expansion underpinned by population and productivity growth that is supported by the Allgas network. We look forward to working with Allgas to help effectively capitalize on these meaningful tailwinds,” Darren Keogh, Stonepeak Senior Managing Director.